This paper seeks to explore the keys benefits of Globalization and the problems which have cropped up due to these problems. This paper also seeks to highlight what the Government can do in order to enjoy maximum benefits from Globalization.
Globalization is the process that is characterized by increasing interdependence and connectivity in the international market. This process has accelerated in the recent times due to the advancements in technology and it continues to increase every day.
What are the Key Benefits of Globalization?
The main engines or keys of globalization are numerous in number. The key concepts of globalization include: Global infrastructure existence, Global harmonization, borderlessness, Global diffusion and geographic dispersion of the main components or competencies. All these concepts are determined by dimensions, time and space, perspectives and functions and features. It is important to note that globalization has occurred in many world systems which are located in different parts of the world. This means that everything that takes place or that happens takes place and exists in time and space. (Chang, 2003)
Globalization has brought many benefits, especially in the recent times. These benefits include:
- The social economic structure has rapidly and drastically improved. This has been of great advantage and importance in the developing world. This is because it has effected and initiated positive changes in the social and economic aspects in the developing world.
- Globalization has greatly helped in the advancement of medicine and improvement in the health sector. This has not only helped to lengthen life expectancy but has also helped to reduce premature deaths in infants and grownups caused by health issues and complications.
- Globalization has also resulted in a major decline in child labor. This is because most of the developing countries’ income has increased, thus leading to a decrease of child labor over the years.
- Globalization has in many ways increased wealth in the world market. It has introduced concepts, ideas and methods which are used to increase wealth and productivity of different countries all over the world.
- Past decades saw a lot of discrimination against many people on the basis of tribe, color, gender, race or other religious reasons. Globalization has greatly improved on these regressive issues and has almost, if not completely, eliminated them all over the world.
- Globalization has allowed people daily choices in terms of economic and personal life. They can access greater benefits by adopting globalization in most of the economic and personal lives.
- Globalization has created economic equality and helped eradicate poverty, especially in poor and developing countries. This has helped the people in these countries to increase the economic, social and financial aspects of their lives. (Stiqutz, 2007)
The Main Problems of Globalization
Apart from the many benefits, such as achieving economic growth and financial stability, globalization has also brought many problems. Most of the risks arise from volatile capital movements. These risks are definitely a cause for concern but they are not reason enough for reversal of the same. However, the risks need to be addressed in order to avoid mishaps in the economic, social and financial status and growth in the many different countries which are affected by the risks. The risks would greatly affect the social, economic and financial status.
Many analysts argue that globalization is the main cause for the increased gap between the rich and the poor. They insist that globalization has caused the poor countries to become poorer and the richer countries to become richer. Other analysts have complained that globalization is advancing very slowly, thus delaying greater achievements in the economic, social and financial aspects of the world market. However, this view is only held by a few people. Many people are happy with the rate at which growth is taking place due to globalization. This is not to say that there is no room for improvement or that the process can not be improved. The process may be improved where necessary in order to allow many people and governments to enjoy more benefits of Globalization. A wide bridge separating the richer countries and the poorer countries would only limit the particular country from enjoying maximum benefits of Globalization. (Chang, 2008)
Other people have argued that Globalization has been unfairly distributed. This may be true to some extent considering the fact that the rich countries have enjoyed more benefits compared to the poor ones. In this case, there should be a way or method to ensure that the benefits and resources from globalization are fairly distributed all over the world. No country should be left out as far as the advancements and technologies in the world market are concerned. The other problem that has affected globalization is the creation of climate that increases realization of maximum benefits. In some parts of the world, the climate does not allow them to fully enjoy or realize maximum benefits of globalization. Globalization has caused a downward pressure on wages in some countries. This has negatively affected the people in these countries and has contributed to poverty levels rising. Globalization is irreversible and whatever risks it carries can only be reduced but can not be eliminated. This is because globalization is here to stay and there is no sign whatsoever that it will be ending any time soon. This simply means that the irreversible problems can only be resolved but can not be uprooted or reversed at any point. (Stiqutz, 2003)
What can Governments do in order to enjoy the Benefits of Globalization?
In order to enjoy all the benefits of globalization, Governments need to adapt to the newest technologies making them available to the people of their respective countries. This will ensure that all levels and organization in the country will be able to enjoy Globalization. The other step that the Governments need to undertake in order to enjoy the benefits of organization is to take in to consideration all the problems that are caused or that crop up due to globalization. Governments should then try to resolve the major problems in order to ensure that all their citizens and different sectors in the organization get to enjoy most, if not all, the benefits of globalization. Governments also need to avoid these problems altogether. For example, one of the problems of globalization is unfair distribution. In this case, Governments need to ensure that globalization has been fairly distributed in all the parts and sections of their countries.
A volatile capital movement is also a risk that must be resolved by Governments in order to tackle the problems faced by Globalization in their countries. Governments should ensure that they expose their countries to all the aspects of Globalization. It should also ensure that Governments stay on top of the world market in order to enjoy maximum benefits. This is because Governments that are top on the chart in the world market are more likely to enjoy maximum benefits of Globalization. The Governments must realize the importance of Globalization to their countries and citizens as well. In this way they will be able to make an effort and take step to ensure that they enjoy all the benefits of Globalization to the maximum. (Greig, 2007)
This paper has outlined and explained the key benefits of Globalization and the main problems of Globalization. This paper has also described what Globalization is as well as measures that can be taken by Governments to ensure that they enjoy maximum benefits of Globalization.